Kover.ai, a San Francisco, CA-based insurtech startup, closed a $1.5m seed funding round.
The round was led by West Loop Venture, with participation from Afore Capital and Techstars Venture.
Led by Zack Peng, Kover.ai leverages decentralized software to enable any business to build and distribute coverage products to its own customers, through an API, bypassing the need to involve any insurance company. Premiums collected for each product go into a pool managed by a smart contract. This is called “autonomous coverage” since neither Kover nor the smart contract serves the interests of profit-driven insurance companies.
Instead, the contract serves the community of members themselves.
The company came out of the 2019 MetLife Digital Accelerator Powered by Techstars.